CDFI Fund: FY 2020 Capital Magnet Fund Applicants Requested More than $640 Million

Thursday, September 10, 2020 - 3:30pm

The Community Development Financial Institutions (CDFI) Fund today released application information for the fiscal year (FY) 2020 round of the Capital Magnet Fund, for which 137 organizations requested more than $642.2 million in funding compared to the $173.8 million available. The applicants propose to serve 50 states, the District of Columbia, Guam and Puerto Rico. Of the FY 2020 applicants, 53 percent are certified CDFIs and 47 percent are nonprofit affordable housing organizations. Capital Magnet Fund awards finance affordable housing, related economic development activities and community service facilities. The CDFI Fund said it expects to announce awards in early 2021.

Learn more about community development incentives at the Novogradac 2020 New Markets Tax Credit Fall Virtual Conference, Oct. 29-30.